The dollar wallowed near its lowest level for the week on Thursday as investors looked for hints from Federal Reserve Chairman Jerome Powell that the central bank might tweak its policy framework to help push up inflation.
FILE PHOTO: A U.S. Dollar banknote is seen in this illustration taken May 26, 2020. REUTERS/Dado Ruvic/Illustration
Investors are betting the U.S. central bank will introduce a new policy framework to fight persistently low inflation as early as next month. The dollar’s index against six major currencies=USD stood at 92.893, near the weakest level so far this week, and not far off its two-year low of 92.124 touched last week.
“A more aggressive Fed policy tends to weaken the dollar, and the broadcasting of this policy change has already been a factor in the recent mild yen strength,” said John Vail, chief global strategist at Nikko Asset Management.
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